Key facts
- Binance recorded over $400 million in net outflows in the week of June 22.
- The outflows represent 0.3% of Binance's total tracked assets.
- Rival exchanges OKX, Bitget, and Bitfinex saw significant net inflows.
- The European Union's MiCA deadline is July 1, requiring unlicensed crypto providers to cease EU operations.
- Binance withdrew its MiCA license application in Greece.
Binance experienced over $400 million in net outflows in the week leading up to the European Union's Markets in Crypto-Assets Regulation (MiCA) deadline. Data from DefiLlama indicated these outflows represented 0.3% of the exchange's $133.3 billion in tracked assets. Excluding its native token BNB, the outflows were 0.35% of its $113.8 billion in crypto assets.
The outflows accelerated on Wednesday, the same day Binance announced its withdrawal from Greece's securities regulator. Rival exchanges, including OKX, Bitget, and Bitfinex, saw substantial net inflows during the same period, with OKX having received MiCA authorization in Malta.
Despite the outflows and the approaching July 1 deadline, which requires unlicensed crypto service providers to cease EU operations, Binance maintains its commitment to the European market and intends to pursue a MiCA license. Some EU users have been advised by Binance to move their funds to self-custodial wallets or other exchanges, though the exchange stated that restrictions vary by jurisdiction.